60 Day Rollover Rules
If a client takes a an IRA distribution can they return just a part of the distribution within the required 60-days? Or must they return the entire amount to avoid the taxes?
If a client takes a an IRA distribution can they return just a part of the distribution within the required 60-days? Or must they return the entire amount to avoid the taxes?
Permalink Submitted by Alan - IRA critic on Mon, 2016-06-20 20:56
A partial rollover is allowed. You would only be taxed on the amount that you did not roll over within 60 days. And you are limited to one rollover for all your IRA accounts within a 12 month period, whether it is a full rollover or a partial.